In the week's first refunding auction, moments ago the Treasury sold $42 billion in 3 year paper in a strong auction.

The high yield of 3.202% was above last month's 3.093% and the highest since 2007; it also stopped through the When Issued 3.205% by 0.3bps, just below last month's stop through of 0.5bps.

The bid to cover of 2.501 was the highest since May's 2.595 and above the 6-auction average of 2.467.

The world's largest money management company is uprooting a portion of its Midtown Manhattan-based business to new offices in South Florida as the "Wall Street South" movement gains momentum.

BlackRock Inc.'s Rick Rieder, head of fixed income, who oversees 20% of the firm's assets, or about $1.7 trillion, is expected to begin operations shortly from a new West Palm Beach office, according to WSJ, citing people familiar with the matter. 

Last week, when energy companies tumbled on renewed recession fears, we predicted that Warren Buffett would take advantage of this latest price drop to load up on even more Oxy shares.

Tesla delivered just 28,217 vehicles in July in China, according to new data released on Monday.

The numbers represent a stunning -64.2% sequential drop from the month prior. The numbers include 8,461 cars sold in China and 19,756 units exported in the month, according to China's Passenger Car association. 

While the dropoff was noticeable, Tesla was reportedly upgrading its Shanghai factory for the first several weeks of the month in July. Should the trend continue to look ugly in August, that would be more cause for concern. 

The bill, known as the “Inflation Reduction Act,” was approved in a 51–50 vote as Vice President Kamala Harris served as a tie-breaker for Democrats. A provision includes the hiring of 87,000 agents, a move that was defended by Democrats, who said that the funding would target people who cheat on their taxes.

“Millions of Americans aren’t going to be impacted by that other than getting better service from the IRS having their telephone answer getting the questions they need in order to comply with our tax laws,” Sen. Ben Cardin (D-Md.) told Fox News on Sunday. “The auditing is going to be focused on those of high income, the large corporations, etc.”

Meanwhile, Democrats have pointed to a May report from the Government Accountability Office showing that IRS audits have dropped over the past decade, including audits for the wealthy.

In a recent letter to Congress, IRS Commissioner Chuck Rettig said that if an additional $80 billion is given to the agency...

The number of houses sitting on the market grew at a blistering pace last month, with the number of active listings jumping 31% vs. the same period last year - a record-high increase for a third straight month, Bloomberg reports, citing a Tuesday report from Realtor.com.

It looks like the offshore oil and gas drilling market is in the early innings of an upcycle in investment and activity.

Both Schlumberger and Transocean believe that the upcoming cycle will outpace the 2016-2019 cycle of investment and FID activity.

Demand for offshore vessels and rigs is climbing, with most new rig contracts being fixed at day rates that are higher than their prior contracts.

The last few weeks have seen a dramatic rotation from an "inflation will overshoot forcing central banks to tighten financial conditions aggressively and imminently" narrative to a "fears of growth downsides/recession will bring forward the end of the tightening cycle and herald utopia" dream.

Rate-cut expectations have continued to drift dramatically higher in the last week while the expectations for Fed's rate-hikes has also rebounded some in the short-term. The recent Fed jawboning has worked in the short-term to remove hopes of an imminent pivot but the higher rates are expected to go, the faster and more aggressive The Fed is expected to cut next year...

Fox News host Mark Levin went nuclear on Monday night in response to the FBI raid on Donald Trump's Mar-a-Lago residence on Monday, reportedly in connection with documents that the former president took home after leaving office in 2021.